Power Grid shares zoom 7%, top Sensex gainer post Q3 earnings; check details

Shares of Power Grid Corporation of India Ltd surged over 7% to approach their record high after the PSU power firm reported a 10.5% year-on-year (YoY) rise in net profit to Rs 4,028.3 crore December 2023 quarter against net profit of Rs 3,645.3 crore in the corresponding quarter last year.

Power Grid shares rose 7.42% to Rs 287.85 against the previous close of Rs 267.95 on BSE. Earlier, Power Grid stock opened higher at Rs 273.35. It was the top gainer on Sensex today.

Market cap of the firm rose to Rs 2.63 lakh crore on BSE. A total of 15.01 lakh shares changed hands amounting to a turnover of Rs 42.28 crore on BSE.

The company’s shares have a beta of 0.3, indicating very low volatility in a year. Power Grid stock hit a 52 week low of Rs 157.88 on February 8, 2023 and a 52 week high of Rs 289.45 on February 5, 2024.

In terms of technicals, the relative strength index (RSI) of the stock stands at 65.3, signaling it's trading neither in the overbought nor in the oversold zone. Power Grid shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The board of directors has approved the payment of second interim dividend of Rs 4.50 per equity share of Rs 10 each (45% of the paid-up equity share capital) for the financial year 2023-24. The second interim dividend shall be paid to the members on March 5, 2024.

The earnings were announced after market hours on Wednesday. Revenue from operations climbed 2.6% to Rs 11,549.8 crore in Q3 against Rs 11,261.8 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA climbed 3.2% to Rs 10,212.9 crore in the third quarter against Rs 9,893.5 crore in the corresponding period in the previous fiscal.

Total expenses in Q3 fell to Rs 7,076 crore compared with Rs 7,786 crore in the last year quarter. Segment-wise, revenue from the transmission business climbed 2% to Rs 11,314 crore in the December quarter against Rs 11,055 crore a year earlier. Revenues from consultancy and telecom segments came at Rs 175 crore and Rs 186 crore, respectively.

For the nine months ended December 2023, revenues surged 2% YoY to Rs 33,864 crore. Profit for the nine months rose 3% YoY to Rs 11,407 crore.

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